TY - JOUR
T1 - NTU-bankruptcy problems
T2 - consistency and the relative adjustment principle
AU - Dietzenbacher, Bas
AU - Borm, Peter
AU - Estévez-Fernández, Arantza
PY - 2020/6
Y1 - 2020/6
N2 - This paper axiomatically studies bankruptcy problems with nontransferable utility by focusing on generalizations of consistency and the contested garment principle. On the one hand, we discuss several consistency notions and introduce the class of parametric bankruptcy rules which contains the proportional rule, the constrained relative equal awards rule, and the constrained relative equal losses rule. On the other hand, we introduce the class of adjusted bankruptcy rules and characterize the relative adjustment principle by truncation invariance, minimal rights first, and a weak form of relative symmetry.
AB - This paper axiomatically studies bankruptcy problems with nontransferable utility by focusing on generalizations of consistency and the contested garment principle. On the one hand, we discuss several consistency notions and introduce the class of parametric bankruptcy rules which contains the proportional rule, the constrained relative equal awards rule, and the constrained relative equal losses rule. On the other hand, we introduce the class of adjusted bankruptcy rules and characterize the relative adjustment principle by truncation invariance, minimal rights first, and a weak form of relative symmetry.
KW - Adjusted bankruptcy rules
KW - Consistency
KW - NTU-bankruptcy problems
KW - Parametric bankruptcy rules
KW - Relative adjustment principle
UR - http://www.scopus.com/inward/record.url?scp=85074612202&partnerID=8YFLogxK
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U2 - 10.1007/s10058-019-00227-x
DO - 10.1007/s10058-019-00227-x
M3 - Article
AN - SCOPUS:85074612202
SN - 1434-4742
VL - 24
SP - 101
EP - 122
JO - Review of Economic Design
JF - Review of Economic Design
IS - 1-2
ER -
